比特币的叙述超过了“数字黄金”的叙述

这种转变的主要驱动力是比特币Defi（BTCFI）的兴起，它的外观超出了价值存储的用例。

Bitcoin is outgrowing the “digital gold” narrative, according to Brendon Sedo, an initial contributor to Core DAO. The primary driver of this shift is the rise of Bitcoin DeFi (BTCfi), which looks beyond the mere store-of-value use cases.

根据核心DAO的最初贡献者Brendon Sedo表示，比特币的叙述超过了“数字黄金”的叙述。这种转变的主要驱动力是比特币Defi（BTCFI）的兴起，它的外观超出了价值存储的用例。

In 2024, Bitcoin (BTC) became a natively yield-generating asset and the centerpiece of Ethereum-style decentralized finance ecosystems. 2025 is when that kindling can grow its flame on innovative Bitcoin sidechains.

在2024年，比特币（BTC）成为一种本地产生的资产，并且是以太坊式的分散金融生态系统的核心。 2025年，这种点燃可以在创新的比特币Sidechains上生长火焰。

Most past attempts to tap Bitcoin’s value as a productive asset required significant changes to its base layer, a big reason they failed. The Bitcoin layer 1 is not designed for much change, leaving most Bitcoiners to merely hodl and not do much else. The result is that Bitcoin remained underutilized as a network and an asset.

过去大多数将比特币价值作为生产资产的尝试都需要对其基层层进行重大更改，这是它们失败的重要原因。比特币第1层的设计并不是为了太大的变化而设计，使大多数比特币的人只能hodl而做其他事情。结果是比特币作为网络和资产仍然不足。

Enter Bitcoin sidechains, which have emerged as the perfect solution to all these problems, scaling Bitcoin’s utility without altering or being limited by the base layer. Naturally, these protocols will be the most potent catalyst for BTCfi’s growth, especially with BTC surpassing $100,000, constituting over 60% of the total crypto market share, and entering a new regulatory landscape with the first “pro-crypto” US government regime.

输入比特币Sidechains，它已成为解决所有这些问题的完美解决方案，可以扩展比特币的实用程序，而无需更改或受到基础层的限制。自然，这些方案将是BTCFI增长的最有效的催化剂，尤其是BTC超过100,000美元，占加密货币市场总份额的60％以上，并使用首个“ Pro-Crypto”美国政府政权进入新的监管环境。

Scaling Bitcoin, a productive asset

缩放比特币，一种生产性资产

Per Hal Finney, “Bitcoin itself cannot scale to have every single financial transaction […] included in the blockchain.” That’s why there’s a need for a secondary level of payment’ in his view.

每位哈尔·芬尼（Hal Finney），“比特币本身无法扩展区块链中包含每笔金融交易[…]。”这就是为什么他认为需要次要付款的原因。

For a long time, the blockchain space ignored Finney’s call to action and prioritized innovation that isolated Bitcoin. However, innovations previously limited to chains like Ethereum are now crossing over to the world of Bitcoin. Sidechains, rollups and other scaling solutions offer more options for holders who want Ethereum-style utility while remaining aligned with Bitcoin. This prepared the ground for BTCfi, where holders can access a range of income-generating solutions like staking, lending and derivatives.

长期以来，区块链空间忽略了Finney的行动呼吁，并确定了隔离比特币的创新。但是，以太坊等以太坊等连锁店的创新现在正在跨越比特币世界。 Sidechains，Crolups和其他规模解决方案为想要以太坊式实用程序的持有人提供了更多选择，同时保持与比特币保持一致。这为BTCFI做好了准备，在那里，持有人可以访问一系列创收解决方案，例如Staking，Lending和derivatives。

The industry is, however, still in the early innings of this revolution in Bitcoin. As of November 2024, merely 0.8% of its circulating supply is utilized for DeFi use cases, according to Galaxy Digital. Out of Bitcoin’s roughly $2 trillion market cap, less than $7 billion comprises BTCfi TVL.

但是，该行业仍处于比特币革命的早期局中。根据Galaxy Digital的数据，截至2024年11月，其循环供应中只有0.8％用于Defi用例。在比特币的市值约为2万亿美元的市值中，不到70亿美元由BTCFI TVL组成。

While this may appear unencouraging, it highlights the massive remaining opportunity. Bitcoin L2 infrastructure scaled 7x from 2021 to November 2024.

虽然这似乎不统一，但它突出了剩下的巨大机会。比特币L2基础设施从2021年到2024年11月。

More importantly, it has accounted for a sizable share of new liquidity flowing into BTC, besides institutional products like exchange-traded funds (ETFs).

更重要的是，除了交易所交易资金（ETF）之外，它还占了流入BTC的新流动性的相当大份额。

Even if the supply of Bitcoin in BTCfi platforms and sidechains grows by 0.25% annually, the sector will have a total addressable market of $44 billion to $47 billion by 2030, according to Galaxy Digital. However, as Bitcoiners know, this is a conservative estimate and would be accelerated by accelerating BTC price action or even more Bitcoin DeFi adoption.

根据Galaxy Digital的数据，即使BTCFI平台和Sidechains中比特币的供应每年增长0.25％，到2030年，该行业的总可寻址市场将达到440亿美元至470亿美元。但是，正如比特币员所知，这是一个保守的估计，可以通过加速BTC价格行动甚至采用更多比特币的采用来加速。

VCs, for one, have started to recognize the potential of Bitcoin sidechains, investing over $447 million already, according to Galaxy Digital. Of this, about $174 million was invested in Q3 2024, setting the stage for more explosive growth in 2025. More funding for early-stage projects will ensure more successful launches, innovations, choices for users, and overall value.

根据Galaxy Digital的数据，VCS已开始认识到比特币Sidechains的潜力，已经投资了超过4.47亿美元。其中，大约1.74亿美元投资于第三季度2024年第三季度，为2025年的爆炸性增长奠定了基础。早期项目的更多资金将确保更成功的推出，创新，用户选择和整体价值。

As Bitcoin-native solutions provide access to productive use cases for Bitcoin, users will no longer need to rely on trusted intermediaries and Bitcoin-agnostic smart contract platforms. Sacrifices that were necessary to expand the utility of Bitcoin in the past will no longer be required. That can unlock substantial value for principled BTC holders and even the Bitcoin network itself.

由于比特币本地解决方案为比特币提供了生产用例的访问，因此用户将不再需要依靠受信任的中介机构和比特币 - 敏捷的智能合约平台。不再需要扩大比特币实用性所必需的牺牲。这可以为有原则的BTC持有人甚至比特币网络本身释放实质性价值。

Yields on Bitcoin for Bitcoin

比特币的比特币产量

So far, bridging to Turing-complete Ethereum Virtual Machine (EVM) chains has been a go-to way to facilitate yields and other financial use cases on Bitcoin. For example, the wrapped Bitcoin (WBTC) market on Ethereum is more than $10 billion. While solutions like WBTC have been suitable for some, many Bitcoin holders prefer not to entrust custodians with their capital or rely on chains like Ethereum, which do not align with Bitcoin's consensus principles or support the network at all.

到目前为止，桥接到图灵完整的以太坊虚拟机（EVM）链条已成为促进比特币上促进产量和其他财务用例的首选方法。例如，以太坊上包装的比特币（WBTC）市场超过100亿美元。尽管像WBTC这样的解决方案适合某些解决方案，但许多比特币持有人都不愿意将保管人委托使用资本或依靠以太坊等连锁店，而以太坊等连锁店与比特币的共识原则不符或完全支持网络。

BTCfi, defined by Bitcoin-aligned and Bitcoin-powered infrastructure, is a solution from which both WBTC users and Bitcoin purists can benefit. Users who are already accustomed to Ethereum’s smart contract sophistication can continue to enjoy that EVM experience while also growing closer to Bitcoin’s roots. Principled Bitcoin users can get more options for their BTC’s utility if the sidechain aligns with the base network.

由比特币对准和比特币驱动的基础结构定义的BTCFI是WBTC用户和比特币纯粹主义者都可以从中受益的解决方案。已经习惯以太坊的智能合同成熟的用户可以继续享受EVM的体验，同时也越来越接近比特币的根源。如果Sidechain与基本网络保持一致，则有原则的比特币用户可以为其BTC的实用程序获得更多选项。

Bitcoin holders also gain access to BTC derivatives superior to Ethereum-native solutions like WBTC. Yield-bearing BTC derivatives

比特币持有人还可以访问BTC衍生物，而不是WBTC（例如WBTC）优于以太本地解决方案。承重的BTC衍生物